Nikola shareholders vote to issue new stock over Trevor Milton’s objection

Electric truck maker Nikola has finally won shareholder approval to issue new stock, the company said on Tuesday. Nikola has been trying for two months to win enough votes to overcome the objection of its since-departed founder, who previously voted his 20% interest in Nikola against the proposal.

The company said it can now increase its total shares outstanding from 600 million to 800 million, giving it flexibility to raise cash by issuing new funds as needed. More than 66% of the total votes cast, or more than 211 million shares, were in favor of the proposal, Nikola said in a statement.

The measure required approval by owners of at least…